Tangerine Retention Rates Q4 (Oct 4) 2017 | Page 8 | Tangerine Bank | Discussion forum

Received offer of 2.75% for fall promotion ... down from 3.22 for summer promo.
I pulled all of my cash (from EQ) to EQ bank on Sept 30 and will pull it back (from Tang) on Oct 6. This way I double dip twice (going and coming).
I think Tang got smart and stopped all the high interest promo's , still 2.75 % is better than 2.3% at EQ.

I did not get an offer this time. I got a 2.3% offer for the summer promo.

Looking back over all the offers I received I have got everyone except for the fall offers for some reason. Has anyone else seen a pattern like that?

On my accounts with $1,500.00 or less I received no special offers, but they did offer me 2.0% for 3 months when I called in on the phone.

On an account with $23,000.00 in it they offered me 2.75%, on new deposits only, for 3 months, or 1.60% on the total balance for 3 months if I declined the 2.75% offer. Effective rate of the 2.75% offer would be about 2.35%, if I were to top up the account to $100,000.00 and get 1.0% on the first $23,000.

My response was to empty out my $23,000 account and transfer as much as possible of my other savings to Wealth One Bank of Canada - 2.50% with no negotiations every 3 months. Of course, that rate could change, but I am totally fed up with the Tangerine process.

The confusing part is they keep changing the rules and they aren't written down anywhere. Tang will accept funds pushed from another FI up to 2 million, but you can only push 25K at a time out of Tang, from Tang, to another FI.... unless you call in and have a CSR do it for you. Probably so they can try to talk you out of it.

Rick said
The confusing part is they keep changing the rules and they aren't written down anywhere. Tang will accept funds pushed from another FI up to 2 million, but you can only push 25K at a time out of Tang, from Tang, to another FI.... unless you call in and have a CSR do it for you. Probably so they can try to talk you out of it.  

Probably depends on how you ask. I found them very accommodating after they inquired why I was moving, I just said that I needed the money so they moved it the next day, all six figures at once.

SavingIsGood said
2.75% here.
Tank is VERY confusing and complicated regarding withdrawal rules. They talk about 25K, 50K, 2M, unlimited, etc.
Apparently, when I moved 500K in March initiating transfer at ANOTHER bank, there was no problem at all. For some reason they classified that pull as pre authorized withdrawal which has NO limit.  

I think the limits may really be about security.
If the request comes from another FI, then it's the responsibility of the requesting FI to verify the owner of the money.
But if the request comes directly to Tang from the owner of the money, it is up to Tang to verify.
They want to limit their liability in cause of hacking fraud etc.
Tang, perhaps not surprisingly, is more willing to trust the channels they have developed with other institutions, than they are with the general public.
I'm no computer expert, but that's the way it looks to me.
But I think they should have made a clear announcement and sent it to everyone regarding their arrangements.

Spouse got 2.75; had moved to chequing.

smayer97 said
Seems too bad for me as this is the first time I have NOT received ANY offer. Always received them in the past, and usually the highest rates offered (in Ontario). So sad.

Good thing I removed my $, though they did offer a retention rate of 2.5% when I had to call in. Oh well...not a big loss.  

When you (or anyone else in the same situation) called and got that 2.5% retention offer, did you get it until Dec 31st ?

In my experience, the past retention offers that I got when calling, put me to an end-date like "today + 90 days" (ex: Jan 5th, should I call today).

Right or wrong, I have the impression that this later date disqualify me for the next quarter offer.

Alternatively, did anyone request and successfully got the 90days retention offer to be shorten to, for example, 85days to get back in sync with the next quarter offer ?

I just spent 1/2 hour on hold to talk to someone at Tangerine and here is what she said.
If you move money to chequing account before promo and then back into saving to profit of new promo it won't work. If you take money out of TFSA account and put it into saving account (again to profit from higher rate) it won't work. That's what she said.

I was really surprised as it goes against what some have written in this forum, as well as what I read in another forum.

DavidAlta13 said

First, none of the big 5/6 chartered banks allow linking to other FI's.

Second, there are two strategies for getting the Tang special offers as described in this topic's 1st post:

#1. Open both Tang Savings & Chequing accounts; on the 4th of the new qtr, move $ from Savings to Chequing, then on the 5th, move it back. This means earning Tang's normal posted Savings rate for the 1st - 3rd and nil on the 4th.

#2. Open a high interest savings account at one of the listed FI's on on this site's Comparison Chart and link it to your Tang Savings. Then, usually a couple of business days before the new qtr, Pull the $ into the other FI from Tang. Next, usually on the 4th of the new qtr, Push it from the other FI back into Tang so it arrives there on the 5th. These timings are general & need to be adjusted for both the other FI's holding period, and for weekends &/ stat holidays.

The difference between the two approaches is marginal. For example, suppose Tang's normal posted Savings rate was 1% for all of 2017 & 2018, the special promo rate from the 5th day of the qtr until the end was 2.69%, and Hubert had a 4 business day hold and paid 1.85%. Then the 2017 quarterly extra interest for option #2 vs. #1 would have been 0.0138%, 0.0115%, 0.0300% & 0.0185%. 2018 works out a bit better at 0.0277%, 0.0304%, 0.0273% & 0.0401%.
In $ terms, if you had $100K, you would have made an extra $74 in 2017 and $126 in 2018. To see if the extra work for #2 is worth it, adjust these extra interest amounts to your level of deposits. For someone with $10K, it seems like a lot of work to make $7.40 & $12.60. If you have $500K, then maybe you want the extra $369 / $630.  

Appreciate that info, David. I do have a Tangerine chequing account but hesitate to transfer the monies there thinking Tangerine will one day say the funds have to come from outside, not another account. Your approach in point #2 sounds tempting but at the moment I'm trying to keep financial matters as simplified as possible. But one thing I think I can do is delay when I transfer the monies out. I usually do it several days before the end of the promo thinking they used the last day of the promo for your balance when determining what promo rate they will offer you next quarter. I think I can probably wait another 2-3 days.

I'm in QC and got 2.55% this time, down from 3.1%. Disappointing. I saw someone else in QC post they got 2.75% which surprised me since I think we tend to get lower offers here because of having less options.